BTC, ETH and PAXG Price Analysis for December 26, 2023

On Tuesday morning, Bitcoin's price dropped by 2%, hitting a local low at $42,550. Despite this, the overall market trend remains bullish. BTC and other cryptocurrencies are poised for potential growth, likely post-Christmas holidays.

BTC currently fluctuates between the support zone of $42,500-$42,870 and the resistance zone of $43,800-$44,050. If buyers gain momentum, the BTC price might solidify above the intermediary seller’s range of $43,260-$43,500 and possibly test the $44,400 mark, signaling the end of the local correction and the potential for new highs.

In the event of a further correction, the asset might dip to support levels at $42,225 and $41,840. Generally, these levels are within the sideways trading range that BTC has been in for more than two weeks.

Ethereum (ETH)

The ETH chart closely resembles that of BTC. The asset is trading sideways between the support zone of $2,217-$2,236 and the resistance zone of $2,286-$2,307. For Ethereum, continuing the global upward trajectory and achieving new highs is the priority.

If buyers break through the current resistance range, the next set of seller orders is likely to be encountered in the zone of $2,325-$2,342. Beyond these levels, a stronger sellers' level at $2,361 awaits, and securing above this would mark the end of the local correction.

Should ETH face further corrective decline, it could reach new local lows at $2,201 and $2,164. A deeper correction is plausible if BTC continues its downward trend.

Pax Gold (PAXG)

The PAXG chart has not seen much change since the last analysis. The asset is still trading near its annual high in the resistance zone of $2,043-$2,072. The primary scenario is the continuation of the upward movement and reaching a new high of $2,100.

However, before this scenario unfolds, PAXG might face another correction. The current support range is set at $1,956-$1,993, with a lower buyer's zone at $1,900-$1,933, offering a potential opportunity for spot position accumulation.

A drop below the $1,900 level currently seems improbable.

Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.

TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.

Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.

К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).

Gray range on the chart — a support zone.

Red range on the chart — a resistance zone.

Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.

This analysis was informed by the following educational materials and articles from GN Crypto: